The Financial Stability Oversight Council was set up as part of the Dodd-Frank Act to identify risks and respond to emerging threats to financial stability. Its 10-member board comprises the federal government's most senior financial policymakers, including the secretary of the Treasury, chairmen of the board of governors of the Federal Reserve System, Securities and Exchange Commission and the director of the Consumer Financial Protection Bureau. Its heavyweight membership aside, FSOC faces the daunting task of spotting threats before they cause a financial crisis  a mission that policymakers have failed at numerous times in the past. American Banker editors discuss whether FSOC will be any more successful or instead create "regulatory hazard" in the form of a false sense of security.